Net Cash Provided by (Used in) Financ­ing Activities

In 2017 there was a net cash outflow of €1,881 million (2016: €350 million) for financing activities. Net loan repayments amounted to €2,479 million (2016: €730 million).

Cash outflows for dividend payments amounted to €2,364 million (2016: €2,126 million). Net interest payments – including payments for and receipts from interest-rate swaps – declined to €732 million (2016: €794 million). The sale of Covestro shares prior to the de facto loss of control resulted in a total net inflow of €3,717 million. In 2016, the net inflow of €3,952 million from the mandatory convertible notes was reflected as a capital contribution of €3,300 million and a borrowing of €652 million.

The transfer of Covestro shares with a value of €504 million (2016: €337 million) to Bayer Pension Trust e. V. was a noncash transaction and therefore did not result in a financing cash inflow.